South Africa's richest blackman to give away big slice of family wealth

by Staff Reporter

30 Jan 2013 at 09:26hrs | Views

Mining billionaire Patrice Motsepe announced today that he and his family are giving half the funds generated from assets owned by them to the Motsepe Family Foundation.

The funds will be used to uplift those less well off, the family said in a statement.

It is not yet clear how much money this amounts to.

With Basic Education Minister Angie Motshekga present at the announcement, in Johannesburg, Motsepe said education remained one of the best investments in any country.

"We want to build a track record where ordinary South Africans can really feel that they are making a difference," Motsepe said.

"Let me emphasise that the challenges are huge," he said, adding that the money donated could not significantly deal with the challenges that face South Africa. However, it was important for those who were successful to help the less fortunate.

"We are not going to allow you to suffer alone."

Late last year, Motsepe handed out R10-million to rural communities and churches.

That windfall brought the total amount of money Motsepe has donated since the inception of his African Rainbow Minerals black economic empowerment trust in 2005 to R85-million.

The largest single beneficiary was the National Women Development Trust, which pocketed R1.4-million.

Nehawu and Sadtu also smiled all the way to the bank when Motsepe gave R970,000 to each organisation. This means they have each received R8.5-million since the inception of the trust.

Other beneficiaries included rural development trusts and churches - including the Zion Christian Church, Grace Bible Church and Methodist Church. The SA Council of Churches also received R1-million.

In his announcement today, Motsepe said he had joined the Giving Pledge, launched by Microsoft founder Bill Gates and investor Warren Buffett, in terms of which the wealthy are asked to give away at least half their wealth.

Motsepe's statement read: "I decided quite some time ago to give at least half the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans, but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors".